Strong real estate sales continued through June…Closed sale prices continuing to rise, low inventory and days on market sharply decreased (again!).
Collier County's single family home median price climbed 17.9% in June!! That's another big year over year jump from $347,750 to $410,000. Condos in Collier County actually showed a small median price decrease, down 2.2% ($225,000 to $220,000). So what does that mean? It shows that the Naples area demand for single family homes remains high with increased pricing and closed sales. Condo pricing may be leveling but sales activity remains strong and inventory is also decreasing. Most importantly, the market continues to flourish.
Single Family Homes
Sales in June were very strong, with 519 single family homes sold versus 394 sold in June 2013, up 31.7%. That's a huge increase! Cash Sales were prevalent in June, with 264 of the 519 total homes sold (50.9% of homes sold were cash). That's a decrease of -8.5% of total cash sales for June compared to June 2013. So what does this mean? Cash sales can be a useful indicator of the extent of which investors are participating in the market. A decrease in the percentage of cash buyers also indicates that buyers are taking advantage of low mortgage rates.
Inventory year over year decreased -5.6% with a 5.8 month supply of homes to sell. Median days on the market have remained much lower at 59 days, down -43.8% from last June. This is great news for sellers, who are selling in almost half the time. The average percent of original list price received was slightly down to 93% (-0.5% decrease from last year).
Read the full Collier County Market Report (Single Family Homes) June 2014
Condos
Condo Sales in June were also strong, with 544 condos sold versus 514 sold in June 2013, up 5.8%. Cash Sales on condos remained high in June, with 350 of the 544 total condos sold (64.3% of condos sold were cash). That's a decrease of -2.2% of total cash sales for June compared to June 2013.
Inventory year over year decreased -24% with a 5 month supply of condos to sell. Median days on the market have drastically dropped to 58 days, down -54.7% from last June. This is great news for sellers of condos. The average percent of original list price received is also up to 92.6% (0.7% increase from last year).
Read the full Collier County Market Report (Condo) June 2014
Summary
We continue to see the same trends observed over the last few months. Prices are up but still very reasonable. With rates under 5% this represents one of the best opportunities to buy a home or sell. There is a healthy level of inventory for everyone to find what they need, but the days of lowball offers are behind us. And good news if you're selling with higher sale prices, reduced days on market and offers closer to your asking price.
Considering selling? Find out what your home is worth in 30 seconds or less.
Considering buying? Start Searching Naples Real Estate now.